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Bitcoin(BTC) Price Analysis: These May be the Price Targets for the Weekend

4 Aug, 20222 min readAnalytics
Bitcoin(BTC) Price Analysis: These May be the Price Targets for the Weekend

Bitcoin(BTC) pierce at the press time is trading around $23,088.04 with a drop of 1.82% in the past 24 hours. While the asset has recorded marginal gains in the past 7 days of 0.24% and surged more than 17.93% in the past 30 days. The market cap is also heading strongly towards $450 billion, currently residing at $441.25 billion with a daily trading volume of $24.36 billion.

Bitcoin (BTC) Price Analysis

  • BTC price ever since dropped hard during the mid-June rebounded and trading within ascending parallel channel
  • The asset experienced a couple of rejections, in attempting to breakout form the parallel consolidation
  • However, the asset appears to have halted just before reaching the middle bands of the channel and hence may flip and reach the resistance close to $25,000 until the weekend
  • As the price reaches close to these levels, the fear of rejection may haunt the rally and hence if the bulls maintain their stability, then the asset may bounce back after a brief pullback
  • Therfore, by the end of the week, the BTC price is expected to surge beyond the local highs at $24,600
  • Bitcoin (BTC) Technical Analysis

    Technical Indicators

    Pivotal Levels

    Bitcoin’s (BTC) price is extremely bearish in the short term as most of the indicators are pointing towards a ‘Sell’ signal. However, the asset is expected to stabalize in the next couple of weeks as the long-term projections display a neutral behaviour.


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